Daring plan for Grosvenor Square

Billionaire Richard Caring has had a busy week. The restaurant and clothing entrepreneur secured a 3 per cent stake in Carluccio’s last week and nearly became the new owner, according to reports. But alas, that crown has reportedly gone to Hutton Collins. Mr Caring, however, is said to be keen on acquiring more properties. He has been given the go-ahead by Westminster City Council to redevelop the ex-US Navy headquarters in London’s Grosvenor Square. Mr Caring, who bought the property in 2007 for £250m with a consortium of private investors, plans to redevelop the building into luxury flats with no affordable housing provision.

But the group will have to pay a £4.5m contribution to the council’s affordable housing fund for the scheme to get the green light.